AI Model & App Companies: Revenue & Valuation (August 2026)
OpenAI, Anthropic, xAI, Perplexity, Mistral, Cohere — revenue, valuation and IPO status for the major AI companies. Key caveat: most headline "revenue" figures are annualized run rates, not realized annual revenue.
| Company | Revenue (basis noted) | Valuation | Round / date | IPO status |
|---|---|---|---|---|
| OpenAI | Run rate >$40B (2025 actual ~$13B) | $852B | Mar 2026 $122B round | Confidential S-1 filed; ~2027 or sooner |
| Anthropic | Run rate ~$65B (2025 actual ~$10B) | $965B | May 2026 $65B Series H | Confidential filing; rumored this fall (before OpenAI) |
| xAI | AI-specific ~$465M (2025; $3.2B incl. X) | ~$250B when folded into SpaceX | Feb 2026 all-stock into SpaceX | Via SpaceX IPO path |
| Perplexity | ARR ~$500M (Apr 2026) | $20B | Sep 2025 round | No public IPO plan |
| Mistral | Run rate $400M+ | Completed €11.7B (€20B in talks, rumored) | Sep 2025 Series C | No IPO plan |
| Cohere | ARR ~$240M (end-2025) | $7B (post-merger $20B unconfirmed) | Q3 2025 round | IPO rumored, no timeline |
Method & sources
**Caliber rule (numbers here are easily inflated)**, three levels kept separate: (1) **Annualized run rate** — OpenAI >$40B (Aug 2026) and Anthropic ~$65B (end-Jul 2026) are run rates, not realized annual revenue; their 2025 actuals were only ~$13B and ~$10B. (2) **Realized revenue** — xAI 2025 AI-specific ~$465M (its $3.2B total includes the X social business, not AI); Perplexity ARR ~$500M, Mistral run rate $400M+, Cohere ARR ~$240M. (3) **Targets/rumors** — Anthropic year-end $100–120B and a $2T IPO target, xAI 2026 target $2B, are expectations/rumors. Valuations favor those with official announcements (OpenAI $852B, Anthropic $965B); Mistral's "€20B" is an in-talks rumor (completed round €11.7B), Cohere's post-merger "$20B" is single-source (completed $7B). SEO-farm figures excluded. Sources: Anthropic https://www.anthropic.com/news/series-h , Bloomberg https://www.bloomberg.com/news/articles/2026-08-17/anthropic-revenue-run-rate-surpasses-65-billion-ahead-of-ipo ; OpenAI https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html ; xAI (SpaceX SEC filing via CNBC/TechCrunch).
Retrieved: 2026-08-23
FAQ
- What does "AI Model & App Companies: Revenue & Valuation (August 2026)" cover?
- It covers OpenAI, Anthropic, xAI, Perplexity, Mistral, Cohere, compared across: Company, Revenue (basis noted), Valuation, Round / date, IPO status.
- What are the sources and methodology?
- **Caliber rule (numbers here are easily inflated)**, three levels kept separate: (1) **Annualized run rate** — OpenAI >$40B (Aug 2026) and Anthropic ~$65B (end-Jul 2026) are run rates, not realized annual revenue; their 2025 actuals were only ~$13B and ~$10B.
- When was this data last updated?
- The data was retrieved/updated on 2026-08-23.